The Environment Agency, based in Bristol in the UK, has awarded a mandate of $132 million in emerging market equities. The winner was independent asset manager Comgest, based in Paris, Dublin, Hong Kong and Tokyo.
While the Comgest mandate will be in a UCITS III format, the Agency was willing to consider innovative approaches, including high alpha, unconstrained or possibly long/short. The benchmark was a minimum of 3% per annum with an agreed maximum risk budget. It received eight tenders for the mandate.
One of the key factors within the mandate criteria was that the manager incorporates financially